Modern commerce is a huge, complex, and global system that moves money, goods and services around the world. But commerce wasn’t always big, and it didn’t always involve money.
Commerce began as a simple barter system. To understand how it worked, grab your animal skin overalls and stone tools, and let’s head back – way back, to the days of the cave dwellers. What was commerce like back when there was no such thing as money?
Chapter Two Topics
- The history of commerce
- Connecting barter to modern commerce
- The deficiencies of barter
- Negotiation skills
- Exploring MBTI personality types
Chapter Two Objectives
- Connect the principles of barter to modern commerce
- List four ways that barter impedes the growth of commerce
- Assess their knowledge of negotiating skills and strategies
- Identify their personality strengths and weaknesses with MBTI
Activity Binder
Click here to view and download the Chapter 2 Activity Binder
What Does That Mean? e-flashcards
Chapter 2 has 10 financial literacy vocabulary terms.
Barter
A system of exchange by which goods or services are directly traded for other goods or services without using money.
Trade
The act or process of buying, selling, or exchanging goods or services.
Buyer
Someone who acquires the ownership of goods or property, or the benefit or use of services, in exchange for something of value.
Seller
Someone who transfers the ownership of a good or property, or the right to receive services, in exchange for money or something of value.
Price
A value that will purchase a good or service.
Value
The worth of a good sold or service.
Supply
The total amount of a product, good, or service that is available for purchase.
Demand
The desire for a certain good or service, supported by the capacity to purchase it.
Negotiation
Bargaining between two or more parties with the goal of reaching an agreement.
Double coincidence of wants
Requirement of a barter exchange that each trader has what the other wants and wants what the other has.
Links to Instructional Resources
Intro to the Myers-Briggs Personality Test (5:23 minute video)
Myers-Briggs and Productivity (6:02 minute video)